Facebook's Libra Currency To Launch Next Year in Limited Format 34
The long-awaited Facebook-led digital currency Libra is preparing to launch as early as January, Financial Times reported Friday, citing three people involved in the initiative, but in an even more limited format than its already downgraded vision. From a report [Editor's note: the link may be paywalled; alternative source]: The 27-strong Libra Association said in April that it had planned to launch digital versions of several currencies, plus a "digital composite" of all of its coins. This followed concerns from regulators over its initial plan to create one synthetic coin backed by a basket of currencies. However, the association would now initially just launch a single coin backed one-for-one by the dollar, one of the people said. The other currencies and the composite would be rolled out at a later point, the person added. Libra's exact launch date would depend on when the project receives approval to operate as a payments service from the Swiss Financial Market Supervisory Authority, but could come as early as January, the three people said. Finma said it would not comment on Libra's application, which was initiated in May. First launched in June 2019, the scaling down of Libra's vision comes as it has received a sceptical reception from global regulators, who have warned that it could threaten monetary stability and become a hotbed for money laundering. While the restricted scope may appease wary regulators, critics have complained that a move to single-currency coins could hit users looking to convert currencies with additional costs, undermining its ambition to enable greater financial inclusion.
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Does that make Rudy Giuliani the fourth stooge?
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Only if they don't use intelligence tests for pre-screening.
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Stop drinking whole cases of Keystone Light all day every day, surrender your guns to the local LEOs (since you clearly are a danger to yourself and others), and for fuck's sake stay out of the barn, leave the farm animals alone, they are not there for your sexual gratification!
Seriously, get checked into a mental health facility for treatment.
Why is there no /coin ? (Score:3)
Where is Slashdot's currency? If Doge [dogecoin.com] gets a cryptocurrency, then surely /. should follow suit. Perhaps the proof-of-work algorithm can be based on encoding offensive ascii-art? There are probably an infinite number of ways to get goatse past Slashdot's pitiful lameness filter.
Re:Why is there no /coin ? (Score:5, Informative)
Re:Why is there no /coin ? (Score:4, Insightful)
Because this is a tech site
It used to be.
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Not being a scam site seems like a terrible business model.
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Where is Slashdot's currency?
Mod points?
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What tagged bitcoin? It had no relationship at all (Score:3)
Re: What tagged bitcoin? It had no relationship at (Score:2)
Comment removed (Score:5, Interesting)
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2 - Why would you need that? Make money on trading Zuckface on the markets and see #1 above if you have any other concerns.
3 - No. Why? We are a publicly traded company. See #2 and #1 above.
4 - See #3 above.
TL;DR: This cannot be good for the greater good.
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1. For unhosted wallets it depends on the final terms of service, but it's very unlikely. If the blockchain maintenance is in a single jurisdiction most to fear would be the national court forcing them to invalidate coins. For hosted wallets it will depend on the contract with the VASP. ... it's like GLD. ... there are no fractional reserves, as I said, it's like GLD
2. It's 100% backed, they are custodians for assets on which you have legal claim
3. see 1.
4. No, but it doesn't need it as much as banks either
Libra? Really? (Score:5, Funny)
Here in Australia, Libra [lovelibra.com] is a brand of feminine hygiene products.
Re:Libra? Really? (Score:4, Informative)
Here in Australia, Libra [lovelibra.com] is a brand of feminine hygiene products.
Mark Zuckerberg is such a royal douche-bag, so it fits perfectly.
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Re: Libra? Really? (Score:1)
Long-awaited?? (Score:5, Informative)
long-awaited Facebook-led digital currency
Literally no-one in his right mind is eagerly awaiting a Faceboot currency.
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People without Trump derangement syndrome can look at Libra and see it's not a Facebook currency. Facebook is backing it for selfish reasons of course and if you use Calibra custodial wallet it will give them some advantages of keeping you within their ecosystem, but the system exists separate from Facebook. They have no special power over it, they are just one equal party among many.
All the fears people express over Libra are facts for paypal ... I guess you really like their thug boot on your throat.
In other Facebook news (Score:2)
WhatsApp status video download (Score:1)
I honestly don't understand this (Score:3)
Everything about this screams scam. But facebook is a highly profitable publicly owned company, and an obvious scam like this really isn't in their shareholder's best interests. Sure, they *might* make a little bit of money, but they are going to be far to big to NOT immediately draw the eyes of financial regulators all over the world. And even it their motivation really is purely altruistic, how is that in their shareholder's best interests -or anyone's interests?
I just don't see any angle of this that is an improvement for anyone.
Facebook: 'AOL 2020' (Score:2)
there are enough cryptocurrencies (Score:2)
all they had to do was accept monero and decred for payments. that's all. this would meet their stated goals and then some.